A couple of very interesting stats from a recent survey of agents with respect to their last 12 months of activity in San Francisco:
- 60 percent of the sellers (represented) are relocating outside of San Francisco. The main reasons for their moves:
- Schools (and other family-raising reasons)
- Affordability (the ability to buy more home for the money elsewhere)
- Job-related (relocation, commute).
- 50 percent of the buyers are first-time buyers; 47 percent of those buyers are employed in high-tech; and the average age of their buyers is mid-thirty.
- Less than 3% of buyers have been from outside the U.S. (i.e. foreign investment/capital)
- And while 26 percent of those buyers’ offers were presented as “all cash,” many of those offers were written that way “solely for strategic reasons to get their offers accepted” and “many of these buyers end up getting loans either before or immediately after close of escrow.”